2 ms·

If I were a bank customer, I would not want to hear your second paragraph…

• bob1029 4y ago
  The system is fairly broken from my perspective. Especially, as the size of the financial institution decreases. We work with smaller customers. At this small scale, everything is vendored out. Many times, 2+ different vendors will need to directly exchange something like a password for the bank's core system. Email is the preferred technique, typically with some theatrical secure email crap on top - involving yet another 3rd party in the secret exchange mess. As you get into the scale of an organization like Capital One or BofA, you start to see more of that Hollywood-style credential exchange & control with multiple consenting parties, Iron Mountain trash cans, biometric doors and one-time passwords. If you are concerned about the IT/security of your financial institution, you may prefer larger ones. These have more employees running just IT compliance than many of our clients have in total. If you are concerned about bad customer service or losing access to funds, you may prefer smaller ones. Being able to realistically talk to a board member of the bank about a dispute makes a lot of people feel better about where their money is.